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Statement

Statement of FHFA Director Melvin L. Watt on the Selection of a CEO and Updates to the Governance Structure for Common Securitization Solutions

FOR IMMEDIATE RELEASE
11/3/2014

​“Today, Fannie Mae and Freddie Mac (the Enterprises) announced several important steps in the multiyear process of developing the Common Securitization Platform (CSP), which will create a shared securitization infrastructure for both Enterprises.  As detailed in our 2014 Strategic Plan for the Conservatorships, one of our goals is to build a new securitization infrastructure to meet the current securitization needs of the Enterprises that could be adaptable for other users in the future.  

“The Enterprises announced David Applegate as Chief Executive Officer for Common Securitization Solutions, LLC (CSS).  David has the skills and experience needed at this important juncture in the development of the CSP to move it to launch.  

​“Fannie Mae and Freddie Mac, which jointly own CSS, also announced a revised governance structure and operating agreements.   The new Board of Managers structure – with two representatives from each company – enhances the ability to support the Enterprises’ securitization functions.  FHFA remains committed to achieving a seamless CSP launch, and I am confident the steps announced today, combined with ongoing input from stakeholders, will help ensure success.”​​

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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.6 trillion in funding for the U.S. mortgage markets and financial institutions.

Contacts:

Corinne Russell (202) 649-3032​​ / Stefanie Johnson (202) 649-3030

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